Apple may launch video streaming service called iTunes Replay

Apple is rumored to have a “secret” videos streaming service in the works, according to a note to investors from Jefferies analyst Peter Misek, as reported by Business Insider.

“As part of Apple’s roll-out of cloud video services (and eventually an iTV), we believe Apple has unannounced deals with all/most of the studios/TV networks that are similar to the subscription streaming deal between Amazon and CBS,” writes Misek.

The Amazon-CBS deal Misek references allows Amazon to stream old CBS reruns, which adds more than 2,000 new episodes to Amazon’s streaming lineup.

Misek’s speculation corroborates a report from AppAdvice, which says that “Apple is on the edge of finally launching a full-fledged re-downloading and possibly streaming service named iTunes Replay.”

As AppAdvice‘s Alexander Vaughn explains, iTunes Replay will basically work like Apple’s upcoming iCloud service, but for television shows and movies, rather than music. Certain shows for which Apple has gained the rights to allow re-downloads will be indicated with a “little arrow,” says Vaughn. Users will be able to access movies that were added to iTunes as far back as January 2009.

Vaugh reports that iTunes Replay will work on Apple TV, and likely work on iOS devices. Apple’s plans for a desktop-accessible version have not yet been revealed.

The addition of iTunes Replay (or whatever it may be called) is a wise move for Apple, whose iTunes business is being hit with increased competition from services like Spotify and Netflix.

Still, we remain skeptical that Apple will invest enough energy in this area to make too much of an impact. Yes, Apple pioneered the market for online music purchases with the iTunes Store, but its Apple TV brand has yet to gain much traction, despite improvements in that area.